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If you want to save more money, pay off your debt faster, and start building a solid financial base, then there are some common mistakes that you really want to make sure you avoid. Here are my top 7.
Here's a public version of my budgeting/what-if spreadsheet that you can use (please note that I can't provide technical support for it): https://docs.google.com/spreadsheets/d/16x_2IkTArADOGfmimU8V7ejkpfCwdgKQWYmRMJJdRXg/edit?usp=sharing
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Links from the Video:
The Ultimate Guide to Budgeting for Students: https://collegeinfogeek.com/budgeting-for-college-students/
CIG Podcast episode on investing: https://collegeinfogeek.com/start-investing-even-in-debt/
Simple Dollar blog post on the 7% return of index funds: https://www.thesimpledollar.com/where-does-7-come-from-when-it-comes-to-long-term-stock-returns/
Listen Money Matters podcast: https://www.listenmoneymatters.com/show/
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Literally Dave Ramsey's book is all you need. He gives you specifics that Thomas is talking about, especially about and Emergency Fund and how to have a budget. It's really cheap and is a very useful tool. Highly recommend
I like your ideas, but not the credit card one so much, I think many people sleep walk in to being a month in arrears on their everyday purchases. I would think differently if people held the forth coming month cash in there current account then used the credit card, but I am quite certain most people don't leaving them selves exposed or as Warren Buffett would say you can see who is skinny dipping when the tide goes out. I hope that makes sense. Or to put it another way, if you need your wage to pay the credit card at the end of the month, you are a month in arrears...
Can't wait until I'm done with my degree so I can finally have enough money to do any of these things... haha
I live in one of the most expensive places in the world, and unfortunately the student loans don't cover the expenses of ANY student. Unless you live with your parents. Which I don't.
Time spent watching your videos is time spent doing something productive!
Thank you so much for your valuable insights Thomas. You are a true gem for a generation filled with thorns! Absolutely love your work.
Regarding the point on investing your money, yes I agree that you should factor in that the 7% return is long term - but you also need to keep in mind that the 7% is pre-tax. I'm not from the States, but where I'm from that 7% would turn into ~5% after tax. The income component taxed up front, the capital component taxed when the investment is sold. Something to keep in mind.
I spent a lot of what I've earned the first times I got paid. After three months, I started wanting less things, and started saving. I got a pretty good amount. But I don't think it's enough for what I want to do medium term
Hi I would like to ask for tip on any good app where I can handle (I mean write down, plan and track) medium term expenses. Exactly as Thomas mention in video I have o lot of expenses which occur once a year or half-year etc. I am looking for application where I can input this expenses with information till which date, how much $, if it is reccuring and it will show me that every month I have to put aside this amount of $. Right now I have my own excel spreadsheet but it is not as comfortable and automated as it could be in some app. Thaks in advance for any tips.
If you live away from family I would suggest making your emergency fund be able to cover the cost of a plane ticket there and back. In Canada that is more than five hundred dollars depending on where you live and what time of year tragedy strikes.
Agree on the debt topic, there are 2 kinds of debt - a good and bad.
Good debt helped you manage your cash flow and increase your earning capacity like loans used for rental apartments or for replenishing inventory. Robert Kiyosaki see this as debt acquiring asset.
Bad debt are spent usually on expenses like gadgets and splurging in unnecessary spending.
Agree, credit card is the easiest way to build credit history.
Hey man, any existing or future video on how to achieve highest progress rate?? provided the subject (being me) is willing to put max. effort :P (As I currently am but my rank isn't decreasing fast enough)
Feel like it's worth mentioning that even with paying off your credit card balance in full, you also don't want to use the full line of credit every month.
I've read that high credit utilization isn't great for your credit score. So if you have a card with a $500 limit, you might want to keep your spending on it under $165 (or 33%) and use a debit card for everything else.
Hi ! Just wondering, would Dashlane be better than Lastpass ? :) Thanks a lot for this video, I am looking for a job right now to be financially independant from my parents, and those tips about managing money are great ! :D
*I actually wanted to write private to you, but I guess I needed some help from all people*
I just started in “High School” - the school system is different in Denmark.
But I am going to exam in November, and I really need tips and tricks to how I stay focused, motivated and to study into my subjects. This exam is so important so I can study further on into economics and innovation!
But I don’t know how I am going to study up to the exams?
Cal Newport's books. I went from trying my chemistry exam 6 times to acing it with a perfect score. Once you get your inner game down and you build some strong habits it really becomes almost automatic, don't worry. Best of luck.
HELLO EVERYONE!!!!!! I know this is random, but I really messed myself up this summer with debt. I made a gofundme account to try and see if I can figure things out. Please consider taking a look at it. You don't even have to donate if you don't want to. Just consider sharing it on Facebook with friends and family and I would really appreciate it. I am so embarrassed that I can't even share it to people I know on Facebook. This is the best way I could think of getting it shared around for now. Here is a link to my profile. Thank you so much for looking at it. https://www.gofundme.com/fxsh3g
There's a problem with this video: after 17 minutes of learning fiscal responsibility I looked up Boosted and then immediately wanted to spend +$1000 on an electric skateboard.
Seriously, though, these were some great points I hadn't come across before. Good job avoiding making yet another every-piece-of-advice-about-money-management post like what you usually find out there.
I find Thomas Frank genuine of helping people specially those who are in confusion, despair, in a rut, struggling in life, a lot are in the 3rd world, in short, those who need it the most, to ignite their dying fire once again... You are a treasure Sir Thomas 🌟
If stock market fluctuations keep you awake at night, it would be better not to throw yourself into buying stock.
Investing to pay for higher education for your children, to finance a sabbatical or your retirement involve different investment strategies .
To invest in the stock market , it is strongly recommended you have an investment horizon of at least 5 years .
Tools and tips.
2. Define the analysis method.
A variety of analytical tools are available to gain a better grasp of the plethora of economic and stock market information.
The quantitative method analyzes some economic variables to detect trends.
Complementary tools exist as well. Contact your financial institution to find out what tools are available to you.
Tools and tips.
This video introduces the analysis tools and methods you will need to make informed investment decisions.
3. Formulate an investment policy.
This involves setting a direction for your portfolio. The direction is based on 4 principles.
Diversification means a decline by some securities is offset by an increase by others.
Tools and tips.
This video will provide 4 key tips to managing your securities well.
4. Evaluate and monitor your portfolio.
Some events may prompt you to change your portfolio to keep it in line with your investment policy.
Tools and tips.
5. Improve your knowledge.
The investment world is changing constantly, which means you must update your knowledge continually. Rather than being satisfied with what you already know, keep on learning .
Tools and tips.
Investment Portfolio Management.
Investment Portfolio Management is the art of putting together and managing various investments to meet specific goals. We will examine management strategy choices, asset allocation and investing strategies, and management of risk as they pertain to management of an investment portfolio.
Passive management is for investors willing to accept market returns. Using a fixed asset allocation with a portfolio comprised of index funds would be examples of passive management.
Asset Allocation Strategies.
Strategic Asset Allocation.